The Washington Wizards should be a put roughly 2 million dollar claim on both players predominantly for non-basketball reasons.
These players are worth more than 2 million a year, looking at the PER. However, with contracts at 2 million, the Wizards can trade them at the deadline to teams in contention for players making near the veterans minimum. For example, the Heat would be desperate for a PG like Billups who can spread the floor and show veteran leadership. Miami could send us a 1st round pick, Butler, House for Billups. We could probably even get cash back from the teams.
It's like a vastly cheaper version of BYOD. Maybe, PFAP, "Pick for Amnesty Players" I've been looking at the rules, adn it seems like the only teams we couldn't trade him to would be the teams that cut them in the first place. That's a pretty nice market.
There are some basketball reasons to do it. Both would serve as mentors. Billups could play alongside Wall, providing us with a second floor general and giving us an outside shoot. With those players added, the Wizards would be one of the deepest teams in the league. However, even if the Wizards just made them inactive, while they looked for trading partners, it'd be a huge win.